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Question - Highpoint Company is evaluating five different capital expenditure proposals. The company's hurdle rate for net present value analyses is 12%. A 10% salvage value is expected from each of the investments. Information on the five proposals is as follows:
Proposal
Required Investment
PV at 12% of After-Tax Cash Flows
Avg. Annual Net Income from Investment
A
$280,000
$320,030
$37,400
B
210,000
246,780
26,000
C
170,000
183,040
19,200
D
190,000
226,300
27,600
E
138,000
146,990
14,960
Required -
a. Compute the excess present value index for each of the five proposals.
b. Compute the average rate of return for each of the five proposals.
c. Assume that Highpoint will commit no more than $500,000 to new capital expenditure proposals.
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